Nike Made $8.4 Billion Last Quarter and Not Even the Experts Saw It Coming
by Above Royalty on October 19, 2015
Today, Nike announced its fiscal 2016 first quarter earnings which even managed to surpass the numbers predicted by expert analysts.
The brand's revenues jumped to $8.41 billion, a five percent increase from this time last year.
breaks down to $1.34 per share, while analysts were calling for share earnings of $1.19 and a total of $8.22 billion, CNBC reports. Immediately following the announcement, Nike shares increased by five percent, and it's likely that they'll continue to climb.
"Our relentless pace of growth is driven by our proven strategy of putting the consumer first, obsessing innovation in everything we do and leveraging our powerful portfolio. We're well-positioned to continue to deliver long-term growth that is both sustainable and profitable," CEO Mark Parker said.
In comparison to the rest of the Dow Jones, Nike has been absolutely killing it this year. While the Dow has fallen 10 percent, Nike's stock has actually increased by 19 percent, making it one of the top companies to beat on Wall Street.
For more information, head over to the official Nike earnings report here.